Replies to post #2287 on Rule-Based Trading Systems

[northam43]

Updated current view of the market:

SPX Daily - Bearish - 2 of 5 of my indicators are bullish. I have counted the EMA 3/8 as currently bearish, even though it is currently borderline.

SPX Weekly - Bearish - 2 of 5 are bullish. I have counted the EMA 3/8 & MACD as bearish. Both are on the borderline.

SPX Monthly - Solid Bullish - 4 of 5 are bullish.

Comments: I've provided this report before the close, as the market has made a significant change in direction. The Long term market direction remains Bullish. The Short Term and Mid Term directions have a current Bearish Bias. However, the SPX Daily opened today at my upper trend line(1101) so I still see the Daily at this point still in a Phase II cycle. Tomorrow, the SPX Daily could start a new Phase I cycle if the price remains below the 1100 area. A Phase I cycle means that a down trend is in progress. The SPX Weekly is also still in a Phase II cycle. However, if price remains at current levels or continue to decline, on Monday the SPX Weekly could(more than likely will) also start a Phase I cycle. I will provide an update after the market close today.

[capt_jmj]

Thursday was a wild ride, but ultimately a nice winner. Seems those wave iii's have about as much staying power as a fart in a high wind.